Industries Cryptocurrency Investors Should Keep an Eye On
With Bitcoin recently hitting over $55k, showing sustained momentum, more and more people are looking towards the future. The other cryptocurrencies are following suit, and it seems like people are more invested in the cryptocurrency sector than in actual physical cash.
That being said, a lot of industries are now being influenced by this, for better or for worse. Some of these industries will benefit from cryptocurrencies, whereas others may just be brought down by it. As a cryptocurrency investor, you need to keep an eye out for either situation. When the industries transform, you need to be ready for them.
The Industries Already Affected
At this point, we know that the cryptocurrency industry already left its mark on several industries. The banking industry was changed the most – and not necessarily for the better. By taking away the need for most services that banks provide, cryptocurrency (and Blockchain in general) disrupted the majority of banking services.
Stocks trading and hedge funds were also affected by cryptocurrency, as investors used Bitcoin and other cryptocurrencies as the main way to conduct a trade. Many traders now accept cryptocurrencies instead of money too, and crypto exchanges have soared in the last few years as well.
Other Industries That Will Follow
Aside from the main affected industries, cryptocurrency will make its way into many affected industries as well. Here are the ones you might want to keep an open eye for.
- Auto Manufacturing
Blockchain has become one of the main ways to record physical assets – and this is why you might want to keep an eye on the auto manufacturing industry. Blockchain can be used to keep track of the parts within a supply chain. Papers can be forged easily, but blockchain cannot be forged as easily – making it easy to track the history of a car.
Seeing as you can also buy Tesla with Bitcoin, you can expect the industry to grow even more. Moreover, quite a number of companies are using blockchain technology to share their self-driving data.
- Cannabis Industry
With cryptocurrency slowly entering the cannabis market, you might also want to keep an eye out for the cannabis industry. In fact, since cryptocurrency was originally part of the “dark web,” people would use them in order to make their medicinal cannabis purchases. All that was needed was a little bit of technological know-how.
Now, both of these industries are coming out of their dark corners. As two industries that used to be fairly controversial, they are beginning to merge so that they gain an increase in security. Plus, with cannabis becoming legal, it will be much easier to buy some organic CBD cream than it used to be in the past.
- Real Estate Industry
If you are a cryptocurrency investor, then you might want to steer your eyes in the direction of the real estate industry. While standard loans are still the main way to make a down payment, more and more homebuyers are being given the opportunity for alternative payments.
For example, homeowners can now use cryptocurrency as a way to make a down payment. Granted, at the moment you may only use Bitcoin, but it is expected that things will change a lot more in the future. The aim is to make cryptocurrency more common, as it is a much safer payment alternative.
If you do not have the cryptocurrencies yourself, you can take out a cryptocurrency loan and make the payment using that method. At this moment, not every real estate agency is accepting the use of Bitcoin – but considering its growing popularity, you can expect changes to occur in the future as well.
- Video Gaming
Internet protocol and regulation often protects users when it comes to purchases – but sometimes, incidents can happen. With that in mind, people will still continue to make video game purchases so that they can excel at what they do.
This is why, as a cryptocurrency investor, you might want to keep an eye on the video game industry as well. More and more games use blockchain and accept cryptocurrencies in order to assign the assets. This improves the security of the game, all while making it much easier for the buyer to claim ownership.
- Insurance Industry
The insurance industry will also be highly affected by blockchain – which is why you, the cryptocurrency investor, might want to keep an eye on how things progress. Blockchain has become a way of managing trusts and verifying data, which will benefit the insurance industry in the future.
Plus, with the growing popularity of Bitcoin, more and more people are using cryptocurrency to buy insurance instead of hard cast. It’s a safer option with a lot of “insurance,” so to speak, which is why you may expect it to grow even more in the future.
- Music Industry
Music is passion, but at the same time, you can expect passion and progress to intertwine. More and more musicians are using the internet and Bitcoin in order to connect with their audiences. Rather than selling hard-copy albums in exchange for hard cash, more and more artists are selling their music in digital form, in exchange for cryptocurrency.
Plus, one advantage of Bitcoin is that the speed of transactions is also improved. This makes it quite the attractive option for music enthusiasts that want to get their hands on the goods as fast as possible.
Cryptocurrency gives more power not only to the artist, but to the consumer as well. This strengthens the connection between them and allows for smoother transactions. As a cryptocurrency investor, this industry might benefit you.
The Bottom Line
Cryptocurrency is growing more and more in popularity. Some industries are growing at slower rates compared to others, but the truth remains that change is happening. More and more industries are being influenced by Bitcoin, and it’s up to you as the investor to snatch the opportunity. The earlier you make your move, the higher the chances will be for your investment to bring returns.